Vancouver, B.C., February 28th, 2017. American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA; WKN: A2AHEL) (“American Lithium”; or, the “Company”) is pleased to announce that it has completed a private placement of 10,000,000 units (each, a “Unit”), at a price of $0.125 per Unit, for gross proceeds of $1,250,000. Each Unit consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company at a price of $0.25 per share for a period of thirty-six months.
In connection with closing of the private placement, the Company has issued 206,160 Units to persons introducing subscribers to the Company. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period.
The private placement was oversubscribed, and we are very pleased with the level of investor interest received,” commented Michael Kobler, Interim Chief Executive Officer of the Company. “The placement will provide the Company with the working capital needed to continue exploration at the Fish Lake Valley projects in Nevada.
ABOUT American Lithium Corp.
American Lithium Corp. is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. American Lithium holds options to acquire Nevada lithium brine claims totaling 22,332 acres (9,038 ha), including 18,552 contiguous acres (7,508 ha) in Fish Lake Valley, Esmeralda County; 2,240 acre (907 ha) San Emidio Project in Washoe County; and the 1,540 acre (623 ha) Clayton-Valley-1 Project. The Company’s Fish Lake Valley lithium brine properties are located approximately 38 kilometers from Albemarle’s Silver Peak, the largest lithium operation in the U.S. American Lithium is listed on the TSXV under the trading symbol “Li”. For further information, please visit the Company’s website at americanlithiumcorp.com.